All kinds of cryptocurrency seem to be in the red today, with bitcoin crashing over 10% of its value and reaching a low that has not been seen since late September.
Bitcoin has been consolidating around $47,000 for days but has fallen by two digits in the past 24 hours to a 3-month low of $43,000. Altcoins are also feeling the pain as the entire cryptocurrency market cap lost $200 billion in just one day
Bitcoin Crashes Hard
The bitcoin price remained relatively low over the past few days. It moved a little to the upside but was brought back down quickly by bears each time it tried going higher.
but this all changed in the past 24 hours. Bitcoin (BTC) stood at around $47,000 again, started to lose value rapidly. Within a matter of hours, it jumped by more than $5,000 and dropped to an intraday bottom of $42000
The 11% decline in Bitcoin prices meant that as of January 6th, BTC had hit the lowest point since September 30th at around $43,000. It has since added a few hundred dollars to its price, but it still remains at a level beneath where it was last month.
Recently, its market cap has decreased and fallen to just over $800 billion. This drop in value coincided with similar market fluctuations happening in the stock markets across the world following a Fed announcement relating to its balance sheet.